Indiana

Program Name: INvestABLE Indiana (click to open an account)
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $450,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: 12490
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab, and Vanguard provide the mutual funds and/or ETFs in the Target Risk Options. Sallie Mae Bank provides the high yield savings account in the applicable Target Risk Options.
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Estate Recovery Status: Please note that following the death of the account owner, the state Medicaid plan may file a claim against the Account Owner or the Account itself for medical assistance paid under the state's Medicaid plan after the establishment of the account.
State Income Tax Deduction: No.
FDIC Insured: Yes. The Fifth Third Bank, NA checking account is FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

Legislative Summary SB 11

Legislative Summary SB 184

Legislative Summary HB 1407

Account Disclosure Document(s):

Please see the Plan Disclosure Documentd


Additional Information:

Withhold Rules: Contributions made by check, recurring contribution, or EFT to the checking account option will be available for withdrawal after six business days. Contributions to the investment options made check, recurring contribution, or EFT will be available for withdrawal after 5 business days. There will be a hold of 10 business days on withdrawal requests when there is a change of address.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    No.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. The Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
    • Annual Maintenance Fee:
      The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
    • Check Fee:
      Checkbooks containing 50 checks may be purchased for $6.00 per checkbook. Once the checking account balance reaches at least $25.00, payment for checkbooks may be made from funds in the account.
    • Debit Card Fee:
      A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
    • Investment Option Fee Range:
      See Plan Disclosure Documents for detailed information See state's ABLE Plan Disclosure Documents and Investment Performance Report for detailed information.

      Please see the Plan Disclosure Documentd

    • Statement Fee:
      The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements. The $2.00 monthly fee for the checking account option will be waived with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
  • Are there other characteristics unique to your program?

    This plan is a member of the National ABLE Alliance (NAA), a bi-partisan consortium of states working together to offer people with disabilities nationwide a best-in-class ABLE savings and investment program.  NAA plans include an exclusive, fully integrated Fifth Third, FDIC-insured checking account option, which is available with a real-time debit card and check-writing capability, and the easy-to-use Ugift feature to make gift contributions easy.

INvestABLE Indiana (click to open an account)
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